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December 6, 2010
East West Petroleum To Acquire An Interest In A Producing Oil Field In Egypt

Vancouver, British Columbia: December 6, 2010 – East West Petroleum Corp. (TSXV: EW) (the “Company” or “East West Petroleum”) is pleased to announce that the Company has entered into an agreement to acquire a 20% working interest in a producing oil field (approximately 500bo/d) in Egypt (the “Acquisition”) from a private vendor.
 
The field is situated in Egypt where oil and gas discoveries continue to be made by numerous international operators, including ENI, Apache, Shell and IPR International. With continued production, the field development lease can be extended through to 2021. East West Petroleum has identified conventional oil-bearing reservoirs where the application of unconventional drilling and completion technologies may contribute to increasing the productivity of the producing reservoirs and the overall value of this asset.
 
Greg Renwick, President and CEO commented: “This acquisition marks East West Petroleum’s entry into Egypt and is an important milestone in the Company’s business plan to expand overseas, build a platform of near-term production, and capture assets whose value can be enhanced through the application of modern unconventional drilling and completion technologies.”
 
Near-term investments will be directed towards appraising the lateral extent of multiple productive zones, development drilling and recompletions to increase oil production. 
 
In order to complete the Acquisition, the Company must pay the vendor US$17.5 million, of which US$3.5 million is being paid as a deposit. The Company has organized bridge loans to pay the deposit, for which it will be issuing bonus shares subject to regulatory approval.
 
The Acquisition will be effective from December 1, 2010. Closing is subject to various conditions including the approval of the TSX Venture Exchange, the completion of a financing, and third party consents, including Egyptian regulatory approval and endorsement.
 
CONTACT:
 
David Sidoo, Chairman
telephone: +1 604 685 9316
fax: +1 604 683 1585
website: www.eastwestpetroleum.ca 
 
Greg Renwick, President & CEO
telephone: +1 972 955 7251
fax: +1 604 683 1585
 
Nick DeMare, Director
telephone: +1 604 685 9316
fax: +1 604 683 1585
 
ABOUT EAST WEST PETROLEUM CORP.
 
East West Petroleum Corp. trades on the TSX Venture Exchange under the symbol EW.East West is an emerging exploration and production company focused on conventional and unconventional petroleum resources.

FORWARD-LOOKING INFORMATION

The foregoing information may contain forward-looking information relating to the future performance of the Company. Forward looking information is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Such risks and other factors include, among others, relationships with vendors and strategic partners, the actual results of exploration activities, changes in world commodity markets or equity markets, the risks of the oil industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes, change in government and changes to regulations affecting the oil industry, and other risks and uncertainties detailed from time to time in the Company’s filings with the Canadian Securities Administrators (available at www.sedar.com). Forward-looking statements are made based on various assumptions and on management’s beliefs, estimates and opinions on the date the statements are made. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. The Company undertakes no obligation to update forward-looking statements if these assumptions, beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
 
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.